Rand Capital Adopts 10b5-1 Trading Plan for Share Repurchase Program
August 26 2020 - 04:15PM
Business Wire
Rand Capital Corporation (Nasdaq: RAND) (“Rand”), a business
development company, today announced that it has entered into a
Rule 10b5-1 trading plan to facilitate the repurchase of shares of
its common stock in accordance with its previously announced $1.5
million share repurchase program. The Rule 10b5-1 trading plan is
effective September 14, 2020. Implementing the Rule 10b5-1 trading
plan allows Rand to repurchase shares at times when the Company
might otherwise be prevented from doing so by securities laws or
because of self-imposed trading blackout periods.
Share repurchases under the Rule 10b5-1 trading plan will be
administered through an independent broker, will be made in the
open market and be subject to the rules of Nasdaq and applicable
securities laws and regulations, including Rule 10b5-1 and Rule
10b-18 under the Securities Exchange Act of 1934, as amended. They
are also subject to certain price, market, volume, and timing
considerations. Since repurchases under the plan are subject to
such constraints, there is no guarantee as to the exact number of
shares, if any, that will be repurchased under the plan.
"Our buyback authorization and 10b5-1 trading plan reflect
Rand’s ongoing commitment to deploy capital in a manner that
provides the best return for our shareholders," said Allen F.
(“Pete”) Grum, President and Chief Executive Officer. “We believe
that shareholder value can be maximized through a combination of
share repurchases and future dividend payments, driven by the cash
flows generated from our developing portfolio of debenture
instruments. This will result in a healthy balance sheet, and
ultimately deliver substantial value for our shareholders.”
ABOUT RAND CAPITAL
Rand Capital (Nasdaq: RAND) is an externally-managed Business
Development Company (BDC) with a wholly-owned subsidiary licensed
by the U.S. Small Business Administration (SBA) as a Small Business
Investment Company (SBIC). The Company’s investment objective is to
maximize total return to its shareholders with current income and
capital appreciation by focusing its debt and related equity
investments in privately-held, lower middle market companies with
committed and experienced managements in a broad variety of
industries. Rand invests in early to later stage businesses that
have sustainable, differentiated and market-proven products,
revenue of more than $2 million and a path to free cash flow or up
to $5 million in EBITDA. The Company’s investment activities are
managed by its external investment adviser, Rand Capital
Management, LLC. Additional information can be found at the
Company’s website where it regularly posts information:
https://www.randcapital.com/.
Safe Harbor Statement
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than historical facts, including but
not limited to statements regarding the competitive ability and
position of Rand to execute on its strategy and future plans, the
ability of Rand to pay regular dividends and effect additional
share repurchases in the future and any assumptions underlying any
of the foregoing, are forward-looking statements. Forward-looking
statements concern future circumstances and results and other
statements that are not historical facts and are sometimes
identified by the words “may,” “will,” “should,” “potential,”
“intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,”
“overestimate,” “underestimate,” “believe,” “could,” “project,”
“predict,” “continue,” “target” or other similar words or
expressions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove to be
incorrect, actual results may vary materially from those indicated
or anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
evolving legal, regulatory and tax regimes; (2) changes in general
economic and/or industry specific conditions; and (3) other risk
factors as detailed from time to time in Rand ’s reports filed with
the Securities and Exchange Commission (“SEC”), including Rand’s
annual report on Form 10-K for the year ended December 31, 2019,
quarterly reports on Form 10-Q, the definitive proxy statement and
other documents filed with the SEC. Consequently, such
forward-looking statements should be regarded as Rand’s current
plans, estimates and beliefs. Except as required by applicable law,
Rand assumes no obligation to update the forward-looking
information contained in this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200826005730/en/
Company: Allen F. ("Pete") Grum President and CEO Phone:
716.853.0802 Email: pgrum@randcapital.com
Investors: Deborah K. Pawlowski / Christopher M. Gordon
Kei Advisors LLC Phone: 716.843.3908 / 716.843.3942 Email:
dpawlowski@keiadvisors.com / cgordon@keiadvisors.com
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